Agree Realty stock has delivered a solid 39.2% total return over the past three years, yet the current valuation checks and market multiples suggest the shares lean expensive rather than clearly cheap.

• Over the last three years, Agree Realty has returned 39.2%, which means long-term holders have been rewarded even though the recent price action has been more muted.
• The key support for the valuation is the company’s ability to generate steady rental income from its real estate portfolio. The main risk is that higher capital costs or weaker property economics could pressure the returns investors are currently paying up for.
• Agree Realty scores 2 of 6 on the broader valuation checks, which signals that on balance the stock does not…